(PHYSICAL) National Symposium on Islamic Finance 2023

Speaker

Keynote Address

SESSION 1: Dispute Resolution in Islamic Finance

SPEAKER

Claudia Cheah Pek Yee, Partner, Skrine

Claudia is a Partner at Skrine and co-heads the Banking & Finance Litigation and Insolvency & Restructuring practice. She has 24 years of experience in a broad spectrum of commercial and civil litigation matters, and frequently acts for financial institutions in both conventional as well as Islamic financing matters. She has represented creditors as well as debtors in a myriad of insolvency related disputes. She has been described by clients as “very well-versed in insolvency matters and provides commercial savvy and practical advice, very responsive, and provides accurate and quick turnaround for all the legal matters instructed” (Benchmark Litigation) and “very responsive to client’s needs and is generous and detailed in her advice. She is meticulous in her work and has an in-depth knowledge of banking and finance matters” (Legal 500 Asia-Pacific).

Ng Sai Yeang, Head, Dispute Resolution, Raja, Darryl & Loh

Ng Sai Yeang is the Head of the Dispute Resolution Practice Group with over three decades of active legal practice since 1991. Sai Yeang has represented clients before judges at all levels of the Malaysian judicial system, specializing in commercial litigation. Her focus areas include finance, banking, property, receivership, and insolvency. She serves a prominent clientele, including major banks in Malaysia. Backed by a dedicated support team, Sai Yeang manages a substantial workload in corporate litigation. Her cases encompass shareholder disputes, boardroom conflicts, and schemes of arrangement. She also handles civil actions related to the recovery of debts stemming from both conventional and Islamic banking products, such as Al Bai’ Bithaman Ajil, Al Ijarah, Kafalah, Wakalah, Murabahah, and Musyarakah facilities.

MODERATOR

Yang Arif  Professor Dr. Mohd Johan Lee, High Court Judge, Kuala Lumpur

YA Dr Johan is a high court judge of the Kuala Lumpur high court. He is currently an adjunct professor of the UUM School of Law, of UUM College of Law, Government & International Studies. He graduated with LLB (Hons) degree from IIUM. He also holds a Master of Comparative Laws degree, a post-graduate Diploma in Shariah and Legal Practice both of which from IIUM, an MA in Economics for Competition Law from King’s Collage London and a Ph.D in Business and Commercial Law from Monash University Australia. He was an advocate and solicitor of the High Court of Malaya, High Court of Sabah & Sarawak, the Shariah Court and the Supreme Court of Brunei. He is a Certified Shariah Advisor and Auditor (CSAA) of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Up till his elevation, he lectured part-time in a few local law schools and in the IiBF of IIUM since 2001. In 2006, he was a visiting scholar to the Asian Law Centre of the University of Washington. Also, he was a member of the Board of Studies of IiBF of IIUM for the 2010-2012 tenure and of the Faculty of Law, University Malaya for 2015-2017 and 2022-2024 respectively. He was a member of the Shariah Advisory Committee (SAC) of the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM) since 2015 right until his elevation. He was also a shariah committee to an international commercial bank and a local takaful operator. He has authored more than 10 text books and reference books and written numerous articles globally.

SESSION 2: Alternative Dispute Resolution - Introduction to the AIAC i-Arbitration Rules 2021 (Islamic Arbitration)

SPEAKER

Sayf Eddine Essadik, Senior International Case Counsel, AIAC

Sayf Eddine Essadik is an adept legal professional with a strong background in international law and arbitration. Currently a Senior International Case Counsel at the Asian International Arbitration Centre (AIAC) in Malaysia, he manages intricate arbitration cases and contributes to drafting AIAC Arbitration Rules. With previous roles as a Legal Adviser and Research Assistant, Sayf possesses a diverse skill set including legal research, due diligence, and document drafting. He pursues a Ph.D. in International Law from Zhongnan University of Economics and Law and holds an LL.M. in Chinese Law. His scholarly work critically examines legal concepts and he's an active member of legal associations like AIAC Young Practitioners' Group and Young ICCA. Sayf's blend of practical experience and academic pursuit underscores his contributions to international legal practice.

SESSION 3: Understanding Legal Documentation in Islamic Finance

SPEAKER

Megat Hizaini Hassan, Partner, Lee Hishammuddin Allen & Gledhill

Megat Hizaini Hassan is distinguished in the eyes of market commentators due to his comprehensive expertise in Islamic finance. His prominence as a leading legal practitioner in this domain is underscored by his recognition in esteemed publications like the International Financial Law Review’s Guide to the World’s Leading Islamic Finance Lawyers and Expert Guides, Legal 500, Chambers Asia, and the Islamic Finance News’ Leading Lawyers Directory. His legal purview spans a broad spectrum of structures, encompassing transactions such as Murabahah and Ijarah. Particularly active in assisting banks with debt restructuring matters, Megat has garnered commendations from clients for his invaluable "knowledge and experience in applying Shariah concepts." Beyond his legal practice, Megat holds significant positions within the realm of Shariah advisory. He serves as a member of the Shariah Advisory Body for Syarikat Takaful Malaysia Keluarga Berhad (STMKB), a Bursa Malaysia-listed entity specializing in family takaful (Islamic insurance). Additionally, he holds a similar position for Syarikat Takaful Malaysia Am Berhad, a subsidiary of STMKB engaged in general takaful. Notably, Megat's expertise has been sought as a Shariah committee member for Mizuho Bank (Malaysia) Berhad, a role he assumed in May 2021, as well as an internal Shariah advisory body member for Mizuho Bank Ltd., Labuan Branch since September 2022. Megat's advisory scope encompasses the legal and regulatory framework as well as matters pertaining to applicable Shariah standards for Islamic financial or investment transactions. His recent accolades include being ranked "Band 3" in Banking & Finance by Chambers Asia-Pacific 2022 and recognized as a "Leading Individual" in The Legal 500 Asia Pacific 2022 rankings.

SESSION 4: Waqf & Wealth Management

SPEAKER

Dr Ayaz Ismail, Director, Wholesale Banking, CIMB Islamic

Dr. Ayaz Ismail serves as the Director of Wholesale Banking at CIMB Islamic in Malaysia, where he specializes in Islamic investment banking transactions. He has played pivotal roles in ground-breaking and award-winning sukuk offerings globally, and is engaged in Islamic capital market development initiatives regionally. Prior to joining CIMB Islamic, he held various positions within the CEO's Office, Legal, Strategy, and Communications departments of the Malaysian multinational conglomerate, Sime Darby. Dr. Ayaz completed his PhD in Islamic Finance at INCEIF University, Malaysia. He graduated with an MBA in Financial Studies from the University of Nottingham, United Kingdom, as a Chevening Scholar, and holds an LLB (Hons) from the same university. Additionally, he holds a Diploma in Shari’ah Law & Practice from the International Islamic University Malaysia and the Chartered Professional in Islamic Finance (CPIF) charter. He also serves as a Grand Councillor of the Chartered Institute of Islamic Finance Professionals.

Muhammad Aiman bin Mohamad Salmi, Partner, MAHA Lawyers

Muhammad Aiman bin Mohamad Salmi is a Chartered Professional in Islamic Finance (CPIF) and a Certified Shariah Adviser & Auditor (CSAA). Aiman holds an MSc in Islamic Finance from INCEIF, Malaysia, as well as Bachelor of Laws (Honors) and Bachelor of Laws (Shariah)(Honors) degrees from the International Islamic University Malaysia (IIUM). He currently serves as a Director/Principal Consultant at Tawafuq Consultancy Sdn Bhd and is a partner at Messrs. Mu’az Aiman Halem Auzan & Associates (MAHA Lawyers). His extensive experience, whether in the legal field or the banking sector, is closely tied to the Islamic Finance industry. His primary areas of practice encompass corporate finance/banking, the equity market, Islamic real estate investment trusts (i-REITs), Islamic securities, and retail & commercial banking. Aiman provides advisory services to a diverse clientele, including corporations (including listed companies), investment banks, financial institutions, commercial and development financial institutions, and individuals. His guidance spans a wide range of matters, from Sukuk issuances to the development of retail, trade, or investment banking products.

Sharifah Shafika bt Syed Abbas Alsagoff, Co-Chairperson, IFC; Partner, Skrine

Shafika is a partner in Skrine’s Banking and Finance practice group with more than 25 years of experience in Islamic finance and capital markets. Shafika’s practice is diverse, including both retail and corporate Islamic finance, project bonds, restructurings. real estate and regulatory issues. Her clients include sovereigns and other government-related entities, international financial institutions and corporate service providers. She also advises clients internationally on various capital markets, Islamic investments, waqf and crowd funding structures. Shafika is often sought after by financial institution to prepare and update their documentation templates for Islamic financing to ensure alignment with ever developing Bank Negara guidelines and policy documents issued. Besides her financing related work, Shafika maintains a thriving real estate practice and has been involved in a number of challenging mandates relating to amalgamation, re-alienation and sub-division of lands, sale and purchase of commercial buildings and transfer of Malay Reserved Land and Bumiputra Lots to public listed companies.

MODERATOR

Richard Teh, Partner, Teh Kim Teh, Salina & Co.

Richard Teh is a Partner at Messrs Teh Kim Teh, Salina & Co. He was admitted as an Advocate & Solicitor to the High Court of Malaya in 2010. He practices mainly in conveyancing, corporate & commercial, financing securities, Syariah compliant financing instruments, strata management and estate planning. His clients include property developers, corporations, local and foreign banks. He speaks regularly at seminars. He is a Committee Member of the Selangor Bar Committee, Deputy Co-Chairperson of the Corporate & Conveyancing Committee of Kuala Lumpur Bar and a member of the following Bar Council Committees: Finance Committee, Conveyancing Practice Committee, Islamic Finance Committee, Professional Standard Development Committee, International Professional Services Committee, National Young Lawyers & Pupils Committee and Corporate & Commercial Law Committee. He is also a member of the Disciplinary Committee Panel of the Advocates and Solicitors Disciplinary Board and Associate Member of the Asian Institute of Alternative Dispute Resolution.

SESSION 5: The Roadmap for Islamic Finance Practitioners

SPEAKERS

Haji Abdul Rahman Mohd Yusoff, Teaching Fellow, INCEIF University

Hj. Abdul Rahman embarked on his senior career in the banking sector in 1986, gaining experience in various managerial roles in Retail, Commercial and International Banking. Notably, he served as the Assistant General Manager in Hong Kong from 1997 to 2001 and left CIMB in 2005. Subsequently, he held senior positions in several other organizations, including OCBC Al-Amin Bank Berhad, Bank Islam Malaysia Berhad and Cagamas Berhad. Hj. Abdul Rahman has been an active contributor to the Islamic Finance Industry, serving as a Module Writer, Moderator, Reviewer, and Trainer with institutions such as IBFIM, ASAS, ISRA Consulting, KUIS, UPM, among others. He has also shared his expertise as a guest speaker at seminars and training events. Additionally, he is currently the Teaching Fellow at INCEIF since 2021, where he instructs in the Master in Islamic Finance Practice (MIFP), Master of Science in Islamic Finance (MSc), MBA (Sustainable Business) and Executive Masters in Islamic Finance (eMIF) programme. Hj. Abdul Rahman holds a graduate degree in MSc and CIFP from INCEIF. He also possesses an MBA and a BSc in Finance from USA. He is a qualified member that carries the professional accreditations titles namely CPIF (Chartered Professional in Islamic Finance), CSP (Certified Shariah Practitioner) and MIM-CPT (Malaysian Institute of Management – Certified Professional Trainer).

Dr. Azura Othman, Chief Executive Officer, Chatered Institute Islamic Finance Professionals (CIIF)

Azura graduated with a degree in Accounting and Finance from the London School of Economics and Political Science. She is also a Fellow of ACCA (UK), a member of Malaysian Institute of Accountant and a chartered member of the Institute of Chartered Islamic Finance Professionals (CIIF). She received her PhD in Islamic Finance from the International Centre of Education in Islamic Finance (INCEIF).Currently, Dr Azura is the Chief Executive Officer of the Chartered Institute of Islamic Finance Professionals (CIIF), a professional standard setting body for Islamic finance practitioners. She is also a Non-Executive Director of Malaysia Debt Ventures Berhad since 2018 where she chairs the Board Audit Committee and an Independent Director of CIMB Islamic Bank Berhad. She served as an Independent Non-Executive Director of Bank Muamalat Malaysia Berhad from 2015 until September 2020, where she chaired the Board Audit Committee and the Nomination and Remuneration Committee. She was a former Executive Director of PricewaterhouseCoopers Taxation Services, Malaysia with over 19 years of experience as a tax consultant and in engagements relating to Islamic Finance. Among her major assignments include formulating the tax incentives for Malaysia as the International Islamic Financial Centre (MIFC). She authoured a book in Macroeconomic Policy and Islamic Finance as well as various chapters and articles in Islamic finance.

Makhtar Abdullah, Chief Executive Officer, The Association of Shariah Advisors in Islamic Finance (ASAS) 

Makhtar Abdullah is a distinguished turnaround and corporate restructuring professional with a wealth of experience in the realm of Islamic finance and advisory. Currently serving as the CEO at the Association of Shari'ah Advisors in Islamic Finance Malaysia (ASAS), he has demonstrated leadership and expertise in various pivotal roles throughout his career. During his tenure as CEO at CIBFM, a subsidiary of AMBD (Brunei central bank), Makhtar Abdullah exhibited strategic acumen and operational prowess. In his role as Acting CEO at CIBFM, a subsidiary of the Ministry of Finance in Brunei, he displayed exceptional leadership over a substantial period, contributing to the organization's growth and success. As Director of Training & Promotion, Makhtar Abdullah played a pivotal role in the restructuring of the Centre, which was previously under the University Brunei Darussalam. His efforts were instrumental in reshaping the organization's strategic direction. He contributed significantly to the setup of Amanie International Dubai office and was a key player in the restructuring of the Amanie Group of companies in Malaysia. During this period, he gained exposure to Shariah Advisory, Training, and Consultancy services for Islamic Finance, encompassing Banking, Capital Markets, and Takaful, spanning regions such as the Middle East, Europe, the USA, and the Asia Pacific. Makhtar Abdullah's career trajectory reflects his unwavering commitment to the field of Islamic finance and his ability to drive positive change, human capital development and innovation within the industry. His leadership and extensive expertise continue to make a substantial impact in the domain of Islamic finance and advisory.

MODERATOR

Dr. Syed Adam Alhabshi, Co-Chairperson, IFC; Partner, Raja, Darryl & Loh

Dr. Syed Adam Alhabshi is a Partner at Raja, Darryl & Loh and heads the Islamic Finance Practice Group. He holds a Ph.D in Islamic Finance from the International Centre for Islamic Finance Education (INCEIF) (2016). He also holds a Chartered Islamic Finance Professional (CIFP) from INCEIF (2011), and read law at the International Islamic University of Malaysia (IIUM) (2006). Professionally, he is qualified as a Chartered Professional in Islamic Finance (CPIF). Dr. Syed Adam is also the Internal Auditor and an Associate Member of the Association of Shariah Advisors in Islamic Finance Malaysia (ASAS). He previously served as the Honorary Secretary and a Grand Council Member of the Chartered Institute of Islamic Finance (CIIF) (2015-2023). He currently sits on the Islamic Finance Committee of Bar Council Malaysia as the Co- Chairperson.

KEY TAKEAWAYS & CLOSING REMARKS

Sharifah Shafika bt Syed Abbas Alsagoff, Co-chairperson, Bar Council Islamic Finance Committee

Shafika is a partner in Skrine’s Banking and Finance practice group with more than 25 years of experience in Islamic finance and capital markets. Shafika’s practice is diverse, including both retail and corporate Islamic finance, project bonds, restructurings. real estate and regulatory issues. Her clients include sovereigns and other government-related entities, international financial institutions and corporate service providers. She also advises clients internationally on various capital markets, Islamic investments, waqf and crowd funding structures. Shafika is often sought after by financial institution to prepare and update their documentation templates for Islamic financing to ensure alignment with ever developing Bank Negara guidelines and policy documents issued. Besides her financing related work, Shafika maintains a thriving real estate practice and has been involved in a number of challenging mandates relating to amalgamation, re-alienation and sub-division of lands, sale and purchase of commercial buildings and transfer of Malay Reserved Land and Bumiputra Lots to public listed companies.